Why I’m predicting a great future for predictive analytics

I’ll be presenting at this year’s SAS Analytics event in Frankfurt, Germany on 4 June. It’s an opportunity for me to reiterate our thought leadership and offerings around the prevention of tax evasion and benefits fraud through predictive analytics.

Why am I so enthused by this subject? Fraud and error is a huge problem in an era when few governments can afford to pour money down the drain. For example, one report estimates that approximately €100 billion in total is involved in the wrongful non-payment of VAT within the EU Member States each year.
It’s no wonder that governments are looking for new ways to tackle this problem. How they respond in a digital, data and analytics-driven work will determine how they protect revenues.

Big Data – or rather the ability to analyse it – will be critical to this response. Advanced analytical techniques offer tax and welfare agencies the potential to find trends and predict future outcomes. These can be used to optimize business processes and customer interaction and better manage risk and fraud.

That’s all very well, I hear you say, but this will demand a big change in the way governments work and use data. I agree. Tax and welfare agencies will need to move from ‘checking’ to ‘risk based’ analytics. They’ll have to use advanced analytics to link multiple data sets and generate risk scores.

I have no doubt that despite the transformation effort required, the outcome will be worth it. That’s why I’m so enthused about the way ahead for analytics-based risk methodologies in tax and welfare. It’s what our Trouve solution, developed in partnership with SAS, is all about.

I urge you to come along to my presentation at SAS Analytics on 4 June and find out how strategic risking has already yielded positive results in the UK.

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